November Might Replace October for U.S. Following SEC Decision Delays Due to Shutdown

October was expected to be the month when much-anticipated crypto exchange-traded funds (ETFs) finally arrived in U.S. markets. Deadlines for the Securities and Exchange Commission (SEC) to approve or deny several spot crypto ETF applications were set throughout the month. However, with the U.S. government shutdown, the process stalled and deadlines became irrelevant.

Now, November might take October’s place. Several issuers are adopting a procedural route that does not require active SEC approval. This method has enabled four crypto ETFs — two from Canary Capital, one from Bitwise, and one from Grayscale — to commence trading earlier this week despite the regulatory standstill.

Issuers are submitting updated S-1 registration statements that contain “no delaying amendment” language. Under U.S. securities law, these filings automatically take effect after 20 days unless the SEC intervenes to issue a stay or request modifications. For the four ETFs listed this week, the SEC did not act, allowing them to proceed by default.

This success has generated a surge of new filings. On Thursday, Fidelity submitted an updated S-1 for its spot Solana ETF, and Canary Capital did the same for its XRP ETF. If the SEC maintains its current course and does not obstruct the process, the market could see its first XRP fund as early as November 13.

However, there are limitations to how far this workaround can extend. While the SEC has reviewed filings related to Solana, HBAR, and Litecoin ETFs, it has not engaged significantly with the XRP application — a gap that might cause the agency to pause its automatic approval.

“I think it’s possible we see several of the funds launch next month, whether or not the government reopens. However, there are funds with filings that have not yet received feedback from the SEC on their S-1s (prospectuses), and I’m uncertain that they can launch without the SEC returning to work,” said James Seyffart, ETF analyst at Bloomberg Intelligence. “So, many will likely launch next month, but some are simply unlikely to do so without the government reopening.”

For investors, this shift signifies a new phase in the prolonged effort to introduce crypto ETFs to U.S. markets. Instead of waiting for the SEC’s formal approval, issuers are employing procedural strategies to advance. Whether this momentum continues through November may depend less on market readiness and more on whether the government resumes operations.